Indian equity markets are poised for a steady-to-positive start, as reflected by firm trends in GIFT Nifty amid improving global risk sentiment after the US Supreme Court struck down President Donald Trump’s earlier reciprocal tariffs. Although he subsequently signed an executive order imposing a fresh 10–15% global tariff, effectively resetting tariffs on Indian exports to around 10% for now, the broader backdrop remains cautious. Ongoing geopolitical tensions between the United States and Iran continue to influence crude oil prices, while President Trump’s remarks about potentially exploring alternative legal routes to advance his tariff agenda reintroduce policy uncertainty. While near-term sentiment has improved, markets may remain vulnerable to intermittent bouts of volatility as geopolitical and trade developments evolve. 

Nifty 50

Nifty 50 remains in a consolidation phase, trading within a well-defined range. Immediate support is positioned at 25,500–25,400, marking a key demand and pivot zone. On the upside, resistance is observed at 25,650–25,750, while a sustained breakout above 25,800 could open the path toward the psychological 26,000 mark. Momentum indicators show gradual stabilization, with RSI near 48 and MACD holding steady, suggesting improving but not aggressive momentum. The near-term structure reflects a mild positive bias; however, range-bound movement between 25,450–25,800 is likely. A strategy of selective accumulation on dips near support levels may remain prudent until clearer global direction unfolds.

Bank Nifty

Bank Nifty continues to exhibit relative strength, trading above its 20, 50, 100, and 200-day EMAs, reflecting sustained institutional participation across private and PSU banking stocks. Immediate support lies in the 60,900–60,600 zone, aligned with a rising trendline and prior breakout area. On the upside, resistance is placed at 61,400–61,500. A decisive breakout above this band could extend gains toward 61,800–62,000, potentially marking fresh highs. The index structure remains constructive, characterized by higher highs and higher lows. RSI near 59 indicates healthy momentum without entering overbought territory. As long as 60,600 holds, the broader bias remains positive, with banking likely to continue outperforming the wider market.